Industrial profits are a key gauge of the financial health of factories, mines and utilities in China.
China's industrial profits dropped by 10% in October from a year ago, in another sign that Beijing's stimulus measures have yet to reverse a slump in corporate earnings.A large number of machinery and vehicles are ready for shipment at the dock of the Oriental Port Branch of Lianyungang Port in Lianyungang, China, on September 27, 2024.
Recent data indicates that Beijing's latest stimulus measures have already helped some sectors of the economy, but not enough to offset persistent deflationary pressures.from a year ago, marking the slowest rise since June. Meanwhile, producer price index fell 2.9% on year, showing that deflation deepened from the 2.8% drop in the prior month.than expected. Among fixed asset investment, real estate declined by 10.3% for the year through October, a sharper decline than the 10.
Since late September, Chinese authorities have ramped up stimulus announcements to prop up the faltering economy and achieve the government's growth target of "around 5%." China is scheduled to release its official manufacturing purchasing managers' index for November on Saturday. The official PMI is expected to come in at 50.3, according to a Reuters poll of economists, a slightly larger expansion than 50.1 in October.
A reading above 50 indicates expansion in activity while one below that level suggests a contraction.
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